Wall Street's money tree keeps on giving

That means more good news for Wall Street, which will reap
millions in advisory and other fees if the deal goes ahead.

Allergan has already paid out hundreds of millions of dollars in
fees over the past few years. That's because it has participated
in a round of frenetic dealmaking over the past few years.

Actavis, which acquired Allergan in 2014 and kept the name,
had moved its tax base to Ireland when it acquired Warner
Chilcott in 2013. It then struck a deal to buy Forest
Laboratories. Earlier this year it decided to sell its
generic drugs arm to the Israel-based Teva.

Allergan said Thursday that it remained strongly committed to the
sale of the generics business to Teva, despite its talks with
Pfizer.

Allergan and Actavis combined have generated some $800 million in
investment-banking fees for mergers and acquisition advice and
equity, debt, and loan deals since 2012, according to the
consultant Freeman & Co.

The Teva deal, which is still pending, would add another $60
million to $80 million.

And while details on the Allergan-Pfizer deal are still pretty
sketchy, it could mean another $140 million to $180 million in
advisory fees for Wall Street, according to initial estimates
from Freeman & Co.

That, according to Freeman, would bring their total
investment-banking fees to just over $1 billion
for the four-year period.